Cypriot Forex broker FxNet has announced an increase in spreads for pairs with the Russian ruble (RUB), citing heightened market volatility.
From today – August 24, 2015, spreads on the USD/RUB (US dollar vs Russian ruble) and EUR/RUB (euro vs Russian ruble) are increased to 100 pips.
The measures are temporary, the broker notes, and are aimed at reducing risks for trading capital.
The Russian currency has recently felt the negative impact of lower crude oil prices, but today’s “Black Monday” that rattled the Chinese stock markets seems to have exacerbated the situation.
The Bank of Russia today hiked markedly the exchange rates for USD/RUB and EUR/RUB. According to the Bank of Russia’s announcement, on Tuesday, August 25th, one US dollar will be exchanged for 70.7465 RUB, up 2.6 RUB on the day. One EUR will be exchanged for 81.1533 RUB, up 4.48 RUB.
To view the official announcement by FxNet, click here.